Lawrence cooperates with the Milone Company and finds out that the Medioh Company is probably behind Zeiren’s scheme, most probably backed by nobles as well. However, Lawrence and Horo are both attacked one night and Horo is captured by the Medioh Company. Trying to request the help of Milone, Lawrence reveals to them that Horo is a wolf.
Quite some character development and some action happens in this episode of Spice and Wolf. Horo opens up her heart to Lawrence, and hints of romantic involvement are heavily thrown in. Horo remains a fascinating character, showing both her fragile and strong sides in this episode.
This episode ends with a big cliffhanger, with Horo’s identity revealed to a number of people and she herself is captured by someone she seemingly knows.